Petrol, diesel prices remain unchanged; check details here

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Fuel prices remained unchanged on Monday after the government announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel on Saturday.

The price of petrol in Delhi is now lower at Rs 96.72 and diesel price at Rs 89.62 per litre each.

On Sunday, the Maharashtra state government slashed the Value-added tax (VAT) on petrol and diesel. VAT on petrol has been cut by Rs 2.08 per litre and Rs 1.44 per litre has been reduced on diesel. Petrol price in Mumbai is now at Rs 111.35 per litre and diesel at Rs 97.28 a litre.

In Kolkata, petrol is being retailed at Rs 106.03 per litre, and diesel at Rs 92.76 per litre. In Chennai, petrol costs Rs 102.63 per litre and diesel at Rs 94.24 a litre.

The excise duty cuts along with Rs 5 cut on petrol and Rs 10 reduction on diesel which was implemented from November 4, 2021, rolls back the Rs13 per litre and Rs16 per litre increase in taxes on petrol and diesel, respectively, effected between March 2020 and May 2020.

Few states cut VAT on fuel

Besides Maharashtra, Rajasthan and Kerala have decreased VAT on petrol and diesel after Finance Minister Nirmala Sitharaman’s call to provide further relief to consumers following a cut in excise duty by the Centre, though some other states appeared reluctant citing their inability to take more strain on revenue.

The Shiv Sena-led Maharashtra government slashed the VAT on petrol by Rs 2.08 per litre and diesel by Rs 1.44 per litre. A statement issued by the government said the state exchequer will have to bear an annual loss of Rs 2,500 crore as a result of this decision.

Senior Congress leader P Chidambaram on Sunday wondered whether the states can afford to give up revenue from the Value Added Tax (VAT) on petrol and diesel unless the Centre devolves more funds or gives them more grants, likening their situation to being between “the devil and the deep sea”.

The Left Democratic Front government in Kerala had on Saturday announced a cut in the state tax on the prices of petrol and diesel by Rs 2.41 and Rs 1.36 per litre respectively, following the reduction in fuel prices by the Centre.

Rajasthan Chief Minister Ashok Gehlot also said the state government will reduce VAT by Rs 2.48 per liter on petrol and Rs 1.16 per liter on diesel.

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Published on: Monday, May 23, 2022, 09:34 AM IST

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